At 17.21%, Maruti Suzuki sees steepest fall in quarterly net profit in five years

THE country's largest carmaker, Maruti Suzuki India (MSIL), on Friday reported 17.21 per cent drop in its net profit at ₹1,489.3 crore for the quarter ended December 31, 2018 of the current financial year (Q3FY19) compared to ₹1,799 crore in the corresponding period of the previous year.

- ENS ECONOMIC BUREAU @ New Delhi

Lower vehicle sales growth and zooming costs pulled the leading carmaker's profits down, much lower than an average profit of ₹1,744 crore, according to analyst expectations compiled by Refinitiv.

This is the biggest fall in profit for the carmaker in the last five years. This is also its second successive decline in quarterly net profits. Post the result announcement, shares of MSIL closed at ₹6,516.35 on Friday, 7.40 per cent lower than the previous day's closing.